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FOR an object whose image represents a bright idea the incandescent light bulb is increasingly being recognised as a bad one. After a century as a primary source of artificial light these energy-guzzling bulbs are set to be replaced by light-emitting diodes (LEDs), powered by semiconductors. And the switch will happen fast for a part of the electrical industry that has relied on a single technology for 100 years.

LEDs are already widely used as the backlights for mobile phones, computer monitors and televisions. A recent report by McKinsey, a consultancy, reckons that by 2020 LEDs could make up 59% by value of the total lighting market compared with 10% in 2010 (see chart). Revenues from lighting will hit €110 billion ($ 160 billion), roughly what the world will spend on televisions. Three-quarters of that will go on “general lighting” for homes, the biggest part of the market, and on work and outdoor illumination such as streetlamps.